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Binance, one of the world’s largest crypto exchanges in terms of trading volume, makes a new milestone after being granted a crypto-asset service provider license approved by the Central Bank of Bahrain (CBB).
This is Binance’s first license in the Cooperation Council for the Arab States of the Gulf (GCC), and it shows the exchange’s commitment to adhere to regulatory frameworks.
Changpeng Zhao (CZ), Binance’s founder and CEO, welcomed this development and stated:
“The license from Bahrain is a milestone in our journey to being fully licensed and regulated around the world.”
Through the crypto-asset license, Binance will have the opportunity to render cryptocurrency trading, portfolio management, and custodial services to customers under Bahrain regulations.
Zhao added:
“I’m proud of the hard work of the Binance team to meet the stringent criteria of the Central Bank of Bahrain, not just locally but globally, by ensuring that we meet and exceed the requirements of regulators and protect users with strong anti-money laundering and counter-terrorism financing policies.”
Crypto regulation is deemed a stepping stone towards more adoption because it triggers confidence among investors.
Rasheed Al Maraj, the CBB governor, said:
“Developing regulations aligned with global trends is a key objective for us at the CBB. We continue to work with partners and industry leaders such as Binance to develop regulations that enable innovation and best practices.”
Binance has also been participating in a noble cause of supporting humanitarian relief efforts in Ukraine based on its recent $10 million donations.
The funds were split between top non-profit organizations with whom Binance had prior partnerships like People in Need, UN Refugee Agency, UNHCR, iSans, and UNICEF.
Image source: Shutterstock
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